Ecotricity, a green energy provider, has raised £32 million to build five new wind farms in the UK. The funding will enable the company to expand and build on its existing infrastructure to more than double its generating capacity.
“In this next decade we aim to have built about 1,000 MW of wind power,” said managing director Dale Vince.
McGrigors LLP advised Ecotricity on the financing, which was provided by German bank Nord LB.
McGrigors partner Euan McVicar said: “We’re pleased to have been involved on this transaction, which will take Ecotricity into the next phase of its development. This successful financing is one of many in which we are involved, acting for both sponsors and senior lenders, in what is a busy market for renewables.”
The Stroud-based energy company had a turnover of £14 million this year and serves more than 30,000 customers in the UK.